Fully Tenanted Duplex with
New
For Sale
$219,900
4652-4654 Haverhill St, Detroit, MI 48224
Two three-bedroom units feature updated systems, laundry, basement storage, and access to a detached two-car garage.
Property Size2,200 SF
Days on Market5
Property Features for 4652-4654 Haverhill St
General Information
Standard status
Active
Size
2,200 SF
Total Parking Spaces
2
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,045
Amenities
laundry
Building Details
Building Size
2,200 SF
Year Built
1928
Buildings
1
Units
2
Listed By:
Nicholas Kramer · License #6501444907
(917) 446-2108
Source:
Elliman
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 14 at 9:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nicholas Kramer
Investment Insights
Based on property information with market context.
Built in 1928, this duplex contains two three-bedroom residences with spacious room layouts, period character, updated appliances, and finished details. Both units are occupied by tenants in good standing with Section 8 leases. Major mechanical improvements include updated furnaces and water heaters, while Pella windows with aluminum trim have been installed throughout. A divided basement provides laundry facilities and storage, and the accessible attic offers additional on-site storage. The property also includes a maintained yard and a two-car garage for resident use.
The property is located at 4652-4654 Haverhill St in Detroit’s Morningside neighborhood. Walk Score is 59, Bike Score is 56, and Transit Score is 35, indicating some transit service and moderate walkability. The surrounding area includes access to shopping, highways, and the East Warren Streetscape Initiative.
The property is located at 4652-4654 Haverhill St in Detroit’s Morningside neighborhood. Walk Score is 59, Bike Score is 56, and Transit Score is 35, indicating some transit service and moderate walkability. The surrounding area includes access to shopping, highways, and the East Warren Streetscape Initiative.
Key Highlights
- Duplex with two three‑bedroom units
- Both units occupied with Section 8 leases and tenants in good standing
- Detached two‑car garage plus divided basement with laundry and storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,957
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$399,140
$399.1K
Cap Rate 7%
$285,100
$285.1K
Cap Rate 9%
$221,744
$221.7K
Market Conditions
NOI Build-Up for 2,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.8K $17.64/SF
− Vacancy
−$2.5K −$1.15/SF
EGI
$36.3K $16.49/SF
− OpEx
−$16.3K −$7.42/SF
NOI
$20.0K $9.07/SF
Area
ZIP 48224
Vacancy
6.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$399,140
Cap Rate 7%
$285,100
Cap Rate 9%
$221,744
Alternative Uses
Best Use
Multifamily LT 5
$309.6K
$270.9K – $361.3K
NOI $21,675 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$285.1K
$249.5K – $332.6K
NOI $19,957 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$554.9K
$485.6K – $647.4K
NOI $38,844 @ 7.0% cap · market cap 17.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 48224, MI
39,633
Population
16,786
Households
2.4
Avg Household Size
33
Median Age
14%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
6,833
Density / Sq Mi
$42,963
Median Household Income
$30,997
Median Earnings
$1,213
Median Rent
$77,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units feature updated systems, laundry, basement storage, and access to a detached two-car garage.
Where is this duplex located?
The property is located at 4652-4654 Haverhill St Detroit, MI.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Duplex with two three‑bedroom units; Both units occupied with Section 8 leases and tenants in good standing; Detached two‑car garage plus divided basement with laundry and storage
